448 40th St · New York, NY 11220

$1,550,000

18 bd · 7.2 ba · 7,854 sqft · MultiFamily · 161 Days on market

Built 1914 Fair condition 3,339 sqft lot $197/sqft · 58% below area

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.7/30.0
• DSCR +8.6/10.0
• Appreciation +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Rent growth +5.0/5.0
• Schools +4.9/10.0
• Livability +3.8/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 6 units. estimate disagrees with records

Listing remarks

Exceptional investment opportunity in the heart of Sunset Park! This well-maintained 6-family brick building (33x68, zoned R6B) features six spacious 3-bed/1-bath units with strong current income of $10,020/month ($120,240/yr) and a 5.1% cap rate at ask. Annual expenses of approximately $37,949 include taxes, insurance, gas, water, and common electric. Building highlights include brand-new 3rd floor windows and a roof approximately 7–8 years old — minimal near-term cap-ex. Conveniently located near the N/D/R trains, shopping, Sunset Park, the waterfront at Industry City and convenient express transit options into Manhattan.

Key facts

• Near shopping
• Near waterfront
• Brand new windows

Tags

• WELL MAINTAINED BUILDING
• SPACIOUS UNITS
• BRAND NEW WINDOWS
• NEAR EXPRESS TRANSIT
• NEAR SHOPPING
• NEAR WATERFRONT

🏷️ Possibly a rental listed for sale. The $1,550,000 price doesn't fit this home's estimated sale value (~$3,707,729) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/1.2-bath units multifamily listed at $1.55M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive. Per door: $622/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.55M).
• Recommended offer: $1.36M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 2.6% in New York — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#268 in NY, #4,188 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: crime F, cost of living F.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Ms 51 William Alexander (math 67% / reading 92%, grade A+, #32 of 729 statewide, top 5%, 1,026 students, 61% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents rising fast (+11.0%/yr); 344 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $3,048/mo per unit this rent would consume 52% of the median local household income ($70k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $98k of equity ($11k loan paydown + $87k appreciation (5.6% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (5.6% appreciation + 8.0% rent growth), your $434k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$157k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 161 days — a 12% lower offer ($1.36M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,364,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 161 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 9.18%
• Cash-on-cash: 10.33%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

• ARV (median comp): $3,707,729
• List price: $1,550,000
• Delta: -55.50%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5624 5th Ave	0.82mi	18/6.0	7,700 (-2%)	19mo	$2,500,000	$325	41
543 49th St	0.44mi	16/8.0 (-2)	6,348 (-19%)	5mo	$1,480,000	$233	37
1902 8th Ave	1.16mi	19/8.0 (+1)	5,890 (-25%)	10mo	$850,000	$144	24
870-872 4 Ave	0.44mi	16/5.5 (-2)	8,800 (+12%)	52mo	$2,950,000	$335	23
839 57th St	1.00mi	16/7.0 (-2)	6,105 (-22%)	15mo	$3,700,000	$606	17

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.63% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 25.9%
• Equity multiple: 2.73×
• Total profit: $748,699
• Equity at exit: $938,681

10-year hold

• IRR: 26.8%
• Equity multiple: 6.22×
• Total profit: $2,265,931
• Equity at exit: $1,672,251

Cash invested: $434,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City New York: 0 Strongly Tenant-Friendly · D+34

Rent Stabilization Code; HSTPA; 6+ months in housing court.

Methodology + full state rankings →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $2,300,000 ($329/sqft)
• Median days on market: 513 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +43.7% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 11220

• Home prices YoY: 2.5%
• Rents YoY: 11.0%
• Active inventory: 344
• Price-to-rent: 42.4×

Monthly cashflow live

• Estimated rent: $18,286 medium
• Mortgage (P&I): −$8,128
• Tax est. 1.5%: −$1,938 /mo · $23,250/yr
• Insurance: −$646
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,840
• Net cashflow: $3,734

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	3	1.2	$18,288
Total (6 units)			$18,286

Break-even live

Break-even rent $13,559

Max offer price $1,550,000

Occupancy floor 75%

Sensitivity live

Price	-10% $4,805	-5% $4,270	+0% $3,734	+5% $3,199	+10% $2,663
Rent	-10% $2,290	-5% $3,012	+0% $3,734	+5% $4,457	+10% $5,179
Rate	-1.0pp $4,515	-0.5pp $4,128	base $3,734	+0.5pp $3,333	+1.0pp $2,924

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $387,500
• Closing costs: $46,500
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
253 51st St Brooklyn, NY	2.0	1.0	—	$2,700	—	120d	1	0.57mi
132 17th St Unit 5 Brooklyn, NY	3.0	1.0	850	$2,700	$3.18	120d	1	1.17mi
87 Tehama St Brooklyn, NY	3.0	1.0	—	$3,500	—	120d	1	1.29mi
3322 12th Ave Brooklyn, NY	2.0	1.0	—	$3,100	—	120d	1	1.32mi
22 Tehama St Unit 2 Fl Brooklyn, NY	2.0	1.0	700	$2,980	$4.26	120d	1	1.35mi
22 Tehama St Unit 1 Brooklyn, NY	3.0	1.5	2800	$4,500	$1.61	40d	1	1.35mi
1351 38th St Brooklyn, NY	2.0	1.0	—	$2,499	—	120d	1	1.35mi
102 Dahill Rd Brooklyn, NY	2.0	1.0	—	$2,600	—	71d	1	1.37mi
258 Senator St Unit 2fl Brooklyn, NY	3.0	1.0	—	$3,800	—	120d	1	1.43mi

Property features AI

Finance

• Other: Six-unit multi-family buildingTotal of 36 rooms across the building
• Financial info: Financing considered: cash, bank mortgage, exchange

Exterior

• Parking: No dedicated parking
• Utilities: 110V electricGas hot waterGas heating fuelUtility expense listed
• Home design: Attached buildingResidential propertyThree stories (units on floors 1–3)Zoning: R6B
• Construction: Brick constructionAsphalt/tar and flat roofBlock foundationBuilding footprint approximately 68 x 33
• Exterior features: Front and back yardFully fenced yard

Interior

• Kitchen: Refrigerator includedOven/RangeAppliances included in units
• Bedrooms: Six 3-bedroom units (two on each of three floors)
• Flooring: Hardwood floorsLaminate floorsTile floors
• Bathrooms: Seven full bathrooms (distributed across units)
• Heating & cooling: Steam/radiator heatGas heating fuelWindow A/C units
• Interior features: Window air conditioning units (5+)Window treatmentsOther interior features
• Laundry & utility: Water included in unit features for most unitsHeat included in unit features for all units

Listing history 50 events

1. 2026-09-22
   pricedays on market $1,550,000 Active 161 DOM
2. 2026-09-21
   days on market $1,650,000 Active 160 DOM
3. 2026-09-20
   days on market $1,650,000 Active 159 DOM
4. 2026-09-18
   days on market $1,650,000 Active 157 DOM
5. 2026-09-17
   days on market $1,650,000 Active 156 DOM
6. 2026-09-16
   days on market $1,650,000 Active 155 DOM
7. 2026-09-15
   days on market $1,650,000 Active 154 DOM
8. 2026-09-14
   days on market $1,650,000 Active 153 DOM
9. 2026-09-13
   days on market $1,650,000 Active 152 DOM
10. 2026-09-12
    days on market $1,650,000 Active 151 DOM
11. 2026-09-06
    days on market $1,650,000 Active 144 DOM
12. 2026-09-04
    days on market $1,650,000 Active 143 DOM
13. 2026-08-31
    days on market $1,650,000 Active 139 DOM
14. 2026-08-29
    days on market $1,650,000 Active 137 DOM
15. 2026-08-28
    days on market $1,650,000 Active 136 DOM
16. 2026-08-27
    days on market $1,650,000 Active 135 DOM
17. 2026-08-25
    days on market $1,650,000 Active 133 DOM
18. 2026-08-24
    days on market $1,650,000 Active 132 DOM
19. 2026-08-23
    days on market $1,650,000 Active 131 DOM
20. 2026-08-22
    days on market $1,650,000 Active 130 DOM
21. 2026-08-21
    days on market $1,650,000 Active 129 DOM
22. 2026-08-20
    days on market $1,650,000 Active 128 DOM
23. 2026-08-19
    days on market $1,650,000 Active 127 DOM
24. 2026-08-17
    days on market $1,650,000 Active 125 DOM
25. 2026-08-16
    days on market $1,650,000 Active 124 DOM
26. 2026-08-15
    days on market $1,650,000 Active 122 DOM
27. 2026-08-13
    days on market $1,650,000 Active 121 DOM
28. 2026-08-11
    days on market $1,650,000 Active 119 DOM
29. 2026-08-10
    days on market $1,650,000 Active 118 DOM
30. 2026-08-09
    days on market $1,650,000 Active 117 DOM
31. 2026-08-06
    days on market $1,650,000 Active 114 DOM
32. 2026-08-05
    days on market $1,650,000 Active 113 DOM
33. 2026-08-04
    days on market $1,650,000 Active 112 DOM
34. 2026-08-03
    days on market $1,650,000 Active 111 DOM
35. 2026-07-31
    days on market $1,650,000 Active 108 DOM
36. 2026-07-30
    days on market $1,650,000 Active 107 DOM
37. 2026-07-30
    days on market $1,650,000 Active 106 DOM
38. 2026-07-26
    days on market $1,650,000 Active 103 DOM
39. 2026-07-24
    days on market $1,650,000 Active 101 DOM
40. 2026-07-23
    days on market $1,650,000 Active 100 DOM
41. 2026-07-22
    days on market $1,650,000 Active 99 DOM
42. 2026-07-21
    days on market $1,650,000 Active 98 DOM
43. 2026-07-20
    days on market $1,650,000 Active 97 DOM
44. 2026-07-18
    days on market $1,650,000 Active 95 DOM
45. 2026-07-18
    days on market $1,650,000 Active 94 DOM
46. 2026-07-16
    days on market $1,650,000 Active 93 DOM
47. 2026-07-14
    days on market $1,650,000 Active 91 DOM
48. 2026-07-14
    days on market $1,650,000 Active 90 DOM
49. 2026-07-13
    days on market $1,650,000 Active 89 DOM
50. 2026-07-11
    days on market $1,650,000 Active 88 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $219,432
• − Mortgage interest: −$86,824
• − Property taxes: −$23,250
• − Insurance: −$7,750
• − Repairs & maintenance: −$17,555
• − Management: −$17,555
• − Depreciation: −$45,091
• Taxable income: $21,408
• Est. tax owed @ 24.0%: −$5,138
• After-tax cash flow: $39,673/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 7 photos

Fair 45/100 Moderate rehab Est. rehab $196,350–$353,430 screening

This 6-family brick building requires moderate repairs and maintenance to improve its condition and increase its resale and rental value.

Repairs flagged

• Minor exterior paint — Yellow brick facade shows some discoloration
• Minor concrete floors — Concrete floors show some wear
• Minor interior paint — Painted walls show some wear

Value-add opportunities

• Both paint exterior — Enhances curb appeal and resale value ↑
• Both repair concrete floors — Improves living conditions and rental appeal ↑
• Both touch up interior paint — Enhances interior aesthetics and rental appeal ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 49/100

Zoned Schools

Elementary Ps 24 F NY #1,923/2,108 Nat'l #32,000/41,679 Middle Is 136 Charles O Dewey F NY #579/729 Nat'l #9,779/14,009 High Leon M Goldstein High School For The Sciences A+ NY #56/1,100 Nat'l #83/17,239

Schools (NCES district)

No district data.

B Composite livability gradescore 75/100

Livability — New York

• Score: 75/100
• State rank: #268
• US rank: #4188

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A- Housing C+ Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New York, NY
• County: Kings County · 2,847,441 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 90,652
• Household income: $69,883
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 14% of renters

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Population outlook (Kings County) Hauer SSP2

• Today (2025): 2,847,441 people
• By 2030: 2,937,006 · +3.1%
• By 2040: 3,095,491 · +8.7%
• By 2050: 3,228,968 · +13.4%
• By 2075: 3,321,723 · +16.7%
• By 2100: 3,111,387 · +9.3%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Asian 40% Hispanic / Latino 40% White 16% Two or more races 7% Black 2% Native American 2%
• Hispanic origin (detail): Mexican 17% Puerto Rican 8% Dominican 5%
• Common ancestry: Romanian 1% Scotch-Irish 1% Subsaharan African 1%
• Foreign-born: 52% · China, Canada, Jamaica
• Languages at home: 20% English-only · Spanish 35% Chinese 35% Arabic 3%

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Political lean MEDSL · Kings

• 2024 margin: Solid D (+44.0) · D 72.0% · R 28.0%
• 2008→2024 swing: -15.5pp toward R · 2008: 59.4pp · 2024: 44.0pp
• All cycles: 2024: D+44.0 2020: D+54.8 2016: D+61.8 2012: D+63.9 2008: D+59.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.63%
• Current HPI: 226.624
• Rent YoY: ▲ 11.02%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Property features AI

Finance

• Other: Six-unit multi-family buildingTotal of 36 rooms across the building
• Financial info: Financing considered: cash, bank mortgage, exchange

Exterior

• Parking: No dedicated parking
• Utilities: 110V electricGas hot waterGas heating fuelUtility expense listed
• Home design: Attached buildingResidential propertyThree stories (units on floors 1–3)Zoning: R6B
• Construction: Brick constructionAsphalt/tar and flat roofBlock foundationBuilding footprint approximately 68 x 33
• Exterior features: Front and back yardFully fenced yard

Interior

• Kitchen: Refrigerator includedOven/RangeAppliances included in units
• Bedrooms: Six 3-bedroom units (two on each of three floors)
• Flooring: Hardwood floorsLaminate floorsTile floors
• Bathrooms: Seven full bathrooms (distributed across units)
• Heating & cooling: Steam/radiator heatGas heating fuelWindow A/C units
• Interior features: Window air conditioning units (5+)Window treatmentsOther interior features
• Laundry & utility: Water included in unit features for most unitsHeat included in unit features for all units

Price history

1 event — show timeline

• 2026-04-14 Listed $1,650,000 BNYMLS